The European Union (EU) is set to propose plans to force fossil fuel companies benefiting from rising energy prices to make financial contributions to help support households that are struggling to pay their continuously surging bills.
The details of the proposal, written by the European Commission, are expected to be revealed by the European Union this week, as Europe struggles to agree on emergency measures to tackle increasing energy prices. The package, which will be agreed upon by a majority of the European Union, is also expected to include a windfall tax on energy companies and bailouts for power companies on the brink of collapse.
According to the draft document, this means a requirement for fossil fuel companies to make a contribution to raise money for countries to spend on the measures to mitigate the energy crisis. The draft proposal said that these contributions are justified by the fact that such companies make profit due to unforeseen circumstances.
The oil, coal, gas, and refining companies will have to make a financial contribution based on the taxable profits made in the fiscal year 2022. The temporary scheme will raise funds for the governments of the European Union member nations to finance emergency measures, including supporting businesses and households facing high energy bills, cutting European Union energy consumption, and making the continent more self-sufficient in energy supplies.
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